Brazil’s lawmakers are poised to debate a proposal that could allocate nearly $19 billion in Bitcoin to bolster the country’s financial resilience against currency fluctuations and global economic shocks. Known as the Bitcoin Strategic Reserve (RESBit), this legislation is set for a hearing before Brazil’s Chamber of Deputies on August 20th, following which regulators, banks, and industry experts will offer their input. Speakers at the event include Méliuz’s Bitcoin strategist Diego Kolling and ABcripto’s Julia Rosim, who also leads public policy at Bitso. If approved, the legislation would entrust the Central Bank and Finance Ministry with oversight of this reserve, requiring regular performance and risk evaluations. Supporters highlight Brazil’s position as Latin America’s largest crypto market, boasting over $76 billion in trading volume last year. This strong foundation fuels their belief that Brazil is ready for a deeper integration of Bitcoin into its financial system. 2023 has seen growing interest in Bitcoin as a potential alternative to traditional assets, with the proposal gaining traction from lawmakers eager to diversify reserves and reduce reliance on established currencies. Deputy Luiz Philippe de Orleans e Bragança, who requested the hearing, emphasized the importance of incorporating technical insights from monetary authorities before further review by committees. As an early adopter of cryptocurrencies, Brazil’s adoption ranks 10th globally according to Chainalysis. This proposal could solidify its status as a leader in the digital economy and serve as a benchmark for other emerging economies exploring Bitcoin integration.